Liverpool’s ownership battle headed back to the High Court yesterday, a day after a Texas judge granted an injunction blocking the club’s sale to the owners of the Boston Red Sox.
US owners Tom Hicks and George Gillett Jr obtained a last-minute court order in Dallas on Wednesday blocking the ￡300 million (US$476 million) sale to New England Sports Ventures — just as the Liverpool board was set to approve it.
Hicks and Gillett called the attempted sale an “epic swindle” that undervalues the club and said they were suing for US$1.6 billion in damages.
Liverpool chairman Martin Broughton told Sky Sports News yesterday that Hicks and Gillett are “trying every trick” to prevent the deal from going through.
On Wednesday, before the Texas court injunction was issued, High Court judge Christopher Floyd ruled against Hicks and Gillett in their attempt to block the sale. Debts and liabilities resulting from their leveraged purchase of the club three years ago have grown to about ￡285 million, which is owed to Royal Bank of Scotland (RBS) and Wells Fargo by today.
The case was due to go back to Floyd yesterday as the Liverpool board and RBS try to push the sale through.
Two others bids emerged this week — one from Singapore businessman Peter Lim and another from US hedge fund Mill Financial. Wednesday’s court hearing heard there was also a bid from FBR Capital Markets.
If Liverpool’s sale is delayed, the club could fail to meet today’s deadline to repay its debts. If it is put into financial administration, it would be docked nine points by the Premier League. However, it seems unlikely that RBS would take the club into administration at this point.
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